USD/CAD Price Analysis: Bulls are in the market, eye break of H1 resistance

USD/CAD bulls are attempting to break H1 resistance.
H4 charts are bullish while above support.

Ross J Burland FXStreet

USD/CAD is building a bullish case across the time frames and the following illustrates this on the 4-hour and 1-hour chartsÑ

USD/CAD H4 chart

We have the price climbing along a dynamic support line and breaking structure on the front side of the trend following a pullback. This could be the makings for a bullish extension.

Support around the prior structure sees the price stabilizing in the W-formations retest as illustrated above.

USD/CAD H1 chart

Bulls need to break the current resistance. On a restest of this area, which would be expected to act as a support. the thesis is that there will be prospects of further demand there to take the pair higher and test prior highs.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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